<PAGE> 1
ARMADA FUNDS
EQUITY, BALANCED, FIXED INCOME AND TAX FREE BOND FUNDS
CLASS A, B AND C SHARES (RETAIL)
Supplement dated January 11, 2001
to the Prospectus Dated October 2, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
Effective March 1, 2001, the Prospectus will be amended as follows:
- The name of the Armada Equity Income Fund is changed to the Armada Large Cap
Value Fund each place the name appears in the Prospectus.
- The Fund Summary for the Equity Income Fund on page 6 is updated as follows
Investment Focus: Value-oriented equity securities
Principal Investment Strategy: Investing in value-oriented common stocks
of larger issuers
Investor Profile: Investors seeking capital appreciation and who are
willing to accept the risk of investing in value-oriented equity
securities.
- Delete the first sentence of the first paragraph under the heading, "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with the following
information:
"The Armada Large Cap Value Fund's investment objective is to provide
capital appreciation by investing in a diversified portfolio of publicly
traded large capitalization equity securities."
- Delete the first sentence of the second paragraph under the heading "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with the following
information:
"The Fund normally invests at least 80% of its net assets in common
stocks and securities convertible into common stocks of value-oriented
companies."
- Delete the third sentence of the second paragraph under the heading "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with the following
information:
"In buying and selling securities for the Fund, the Adviser attempts to
emphasize equity securities that the Adviser believes are undervalued
relative to the general market."
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-SU-001-0200
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ARMADA FUNDS
EQUITY, BALANCED, FIXED INCOME AND TAX FREE BOND FUNDS
CLASS I SHARES (INSTITUTIONAL)
Supplement dated January 11, 2001
to the Prospectus Dated October 2, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE PROSPECTUS AND SHOULD BE READ IN CONJUNCTION WITH THE PROSPECTUS.
Effective March 1, 2001, the Prospectus will be amended as follows:
- The name of the Armada Equity Income Fund is changed to the Armada Large Cap
Value Fund each place the name appears in the Prospectus.
- The Fund Summary for the Equity Income Fund on page 6 is updated as follows:
Investment Focus: Value-oriented equity securities
Principal Investment Strategy: Investing in value-oriented common stocks
of larger issuers
Investor Profile: Investors seeking capital appreciation and who are
willing to accept the risk of investing in value-oriented equity
securities.
- Delete the first sentence of the first paragraph under the heading, "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with following information:
"The Armada Large Cap Value Fund's investment objective is to provide
capital appreciation by investing in a diversified portfolio of publicly
traded large capitalization equity securities."
- Delete the first sentence of the second paragraph under the heading "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with the following
information:
"The Fund normally invests at least 80% of its net assets in common
stocks and securities convertible into common stocks of value-oriented
companies."
- Delete the third sentence of the second paragraph under the heading "PRINCIPAL
INVESTMENT STRATEGIES" on page 6 and replace it with the following
information:
"In buying and selling securities for the Fund, the Adviser attempts to
emphasize equity securities that the Adviser believes are undervalued
relative to the general market."
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-SU-002-0200
<PAGE> 3
ARMADA FUNDS
Supplement dated January 11, 2001
to the Statement of Additional Information dated October 2, 2000
THIS SUPPLEMENT PROVIDES NEW AND ADDITIONAL INFORMATION BEYOND THAT CONTAINED IN
THE STATEMENT OF ADDITIONAL INFORMATION AND SHOULD BE READ
IN CONJUNCTION WITH THE STATEMENT OF ADDITIONAL INFORMATION.
Effective March 1, 2001, the Statement of Additional Information will be amended
as follows:
- The name of the Armada Equity Income Fund is changed to the Armada Large Cap
Value Fund each place the name appears in the Statement of Additional
Information.
- Delete the paragraph under the heading "ARMADA EQUITY INCOME FUND" on page 3
and replace it with the following information:
ARMADA LARGE CAP VALUE FUND
The Fund will normally invest at least 80% of the value of its net assets
in common stocks and securities convertible into common stocks of
value-oriented companies. The Adviser will generally dispose of
securities when they fail to satisfy investment criteria. The Fund is
managed with a value approach, exhibiting aggregate valuation
characteristics such as price/earnings, price/book and price/cash flow
ratios which are at a discount to the market averages. Additional
factors, such as private market value, balance sheet strength, and
long-term earnings potential are also considered in stock selection.
PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.
ARM-SU-005-0200
